How's the Market?
Real Estate News of Chicago's North Shore                                                                                                                                  July 2015


What glorious weather for this holiday weekend.  After all the rain in June, it sure looks wonderful outside!  

As we celebrate the 4th of July, I think we often forget why the Revolutionary War was fought. One of the bigger issues dealt with real estate and property rights.

Land ownership in ancient England depended primarily on possession. You had it, you owned it. You wanted it, you fought for it. You found it, you kept it.  All that changed in 1066 with the Norman Conquest.  William the Conquerer decreed that he owned all of the land in England by right of conquest. Not one acre of England was to be exempted from this massive expropriation. To get a land-grant one had to support the King.  Much of real property in England is still owned by "the Crown."   When I lived in the UK, I was surprised to see real estate ads for homes that would involve buying a 999 year lease -- not owning the property outright.  After the lease is up, it goes back to the Crown. 

While we brought many of the legal concepts of property rights from the UK to the US, real property can be owned outright by individuals -- not by the king.  That was a rather novel idea at the time!  This fundamental right, which we often take for granted, has led the way for millions of immigrants to come to the US to actually own their own homes and land.  

Later when the Constitution was written, two of the Bill of Rights even focused on "real estate"
III Amendment - "No soldier shall, in time of peace be quartered in any house, without the consent of the owner..." 
IV Amendment - "The right of the people to be secure in their ... houses"

I really liked this editorial that I read today.  It inspired me.  I remember with gratitude the tremendous sacrifices of our Founding Fathers.

Have a wonderful 4th!

In This Issue...
How's the Market
Just the Facts...

The market continues along.  Sales are strong, if not stellar.  

So How is the Market?   Read on....
North Shore's Highest Sales in June

Lake Forest - 1050 Melody Road

List Price - $7,200,000
Sales Price - $6,000,000 (83% of asking)
Days on Market - 265
To see pictures and detailed information go to 1050 Melody Road, Lake Forest

Winnetka - 884 Higginson Lane
  
List Price - $4,375,000  
Sales Price - $4,225,000 (97% of asking) 
Days on Market - 551 days  (new construction)
To see pictures and detailed information go to 884 Higginson Lane, Winnetka

Winnetka - 704 Park Lane

Original List Price - $3,795,000
List Price - $3,495,000 
Sales Price - $2,391,750 (97% of asking) 
Days on Market - 374 days
Days on Market at Final Price - 22
To see pictures and detailed information go to 794 Park Lane, Winnetka

* * * * *
There are currently 262 houses for sale on the North Shore that are priced greater than $2M.   During the month of June, 11 houses closed in this price range:
Evanston - 1
Highland Park - 1
Winnetka - 6
Glencoe - 0
Lake Forest - 2
Wilmette - 0
Kenilworth - 1
Lake Bluff - 0

Source: MRED (Midwest Real Estate Data) Multiple Listing Service

From Crain's Chicago Business

entry mat
Homeowners Get Ready to 'Age in Place'

...Call it a baby-boom building boom. Hoping to remain in their homes and communities as they age-but recognizing that living spaces can become unsafe and difficult to navigate-people in their 50s and beyond are retrofitting houses, building additions or constructing new digs with age-friendly features....


 How to Make the Most of Longer Lives

...For half a century, we've done much to keep young and old apart, especially in the realm of housing. Yet age-segregated housing for retirees runs against the grain of everything we know about healthy development in the post-midlife period, a time when connections with younger generations are linked to higher rates of happiness for older people. What we need instead: housing strategies that help to forge and solidify bonds among the generations.... 

see more of this interesting article in the Wall Street Journal

 

Paying Off the Mortgage Is Becoming Harder for Older Workers

...But now older workers, stung by a punishing decline in house prices or high consumer debt, are increasingly unable to pay off their mortgages and are heading into their retirementyears with substantial amounts outstanding.They have also been hit by unexpected expenses, layoffs, accumulated credit card bills or college loans, leaving them unable to pay off their single biggest debt unless they work longer, downsize or...

 

Let It Go
Maybe you're downsizing from a sprawling house in the suburbs to a downtown condo.  Perhaps a parent in moving to a retirement community, and you and our siblings are excavating the family home.   Or maybe you're just plain tired of having too much stuff.  Whatever the reason...

Approximately 254,000 properties regained equityin the first quarter of 2015,

bringing the total of residential mortgaged properties with equity nationwide up to 44.9 million - approximately 90 percent of all mortgages, according to data released.....

Kitchen luxury
Best Luxury Kitchen Appliances

Looking for the best luxury kitchen appliances? Since the kitchen is the heart of the home, select a kitchen appliance brand that complements your life. If your personal preference is centered on design and style, or on food and entertainment, here's our list of the top high-end culinary brands that will suit your preferred lifestyle. Live, and dine, in luxury with these...

 

Homeowners: Ensure You're Insured

Does it make sense for a homeowner to insure a $1 million purchase for $2 million? Sometimes, yes. 

     Mortgage lenders require all borrowers to get homeowners insurance before the deal closes. The mandated coverage is usually the lesser of two things: the loan amount or the insurer's appraisal of the home value.

     However, homes in jumbo-mortgage territory-those financed above $417,000 in most areas and $625,500 in some high-price markets-face a greater likelihood of inadequate coverage in case of a total loss....


gardening-items.jpg
For the Garden...
How much value does landscaping add to your home when selling?

 

The Garden Conservancy - Open Days Schedule for Sunday, July 26 
10:00 AM- 4:00 PM

Check out the art festival at the Chicago Botanic Gardens July 4-5


 

Can you believe we are starting the second half of 2015?   Where has the time gone?   I feel like I need to make new half-year resolutions.  More time with friends and family, longer walks and enjoying summer are just few of my resolutions for the rest of summer (if not the year!).  

 

See you at the fireworks.  Happy 4th of July! 

 

 

Ann

Ann Jones

Broker Associate, 
Berkshire Hathaway HomeServices KoenigRubloff Realty Group


Featured Listing
1179 Grandview Lane
Lake Forest
1179 Grandview

Sophisticated and stylish, this Whispering Oaks home has a wonderful flow with a high-end gourmet kitchen opening to family room; first floor laundry/mud room. There are dark hardwood floors throughout. Upstairs a newer addition includes a stunning master suite with large walk-in closet, luxury bath and vaulted ceilings. The second floor is complete with a study, two more bedrooms, hall bath and a fourth en-suite bedroom. The professional landscaping is gorgeous and the house is situated with a fenced and private back yard and brick patio. Finished basement with full bath. Move right in and enjoy!

List Price: $929,000
4BR/4.2 Baths

See the details at:
Best of My Blog:
What's the value of curb appeal?

Have you ever had the experience of driving through a neighborhood and then slowing down at a certain house to study and stare at the property? What is it that grabbed your eye - the color? The landscaping? Who knows... some houses just have "it!" Pizzazz, taste, warmth - whatever "it" is. You know it when you see it: curb appeal...
newspaper
In the news...

"...But even as the market continues to improve - sales of existing homes in May increased to their highest pace in six years, the National Association of Realtors reported on Monday, and first-timers make up 32 percent of the buyers - it is leaving millions of Americans unwillingly stuck in rental housing...."


"New consumer protection rules in the mortgage process that were scheduled to take effect on Aug. 1 will be pushed back to a start date of Oct. 1, according to the agency that designed and will enforce them..."
- Crain's Chicago Business
 
"New U.S. Census Bureau data shows Illinois had nearly 10,000 fewer residents in 2014 than in the previous year - the largest numerical decline of any state in the nation and the first statewide population dip since the mid-1980s...."

- Reboot Illinois

 

Quick Links

Memorable Moments

The very first
Taste of Chicago, 1980
Step of the Month

50 Simple Steps you can take to Sell Your Home 

#21 Keep Your Home at a Comfortable Temperature Year-Round

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Ann Jones | 847-691-1111 | [email protected] | rannjones.com
778 N. Western Avenue | Lake Forest, IL 60045